SiTime (NASDAQ:SITM) Stock Price Up 3.4%

Shares of SiTime Co. (NASDAQ:SITM) were up 3.4% during trading on Wednesday . The stock traded as high as $170.39 and last traded at $170.39. Approximately 21,838 shares changed hands during mid-day trading, a decline of 90% from the average daily volume of 209,871 shares. The stock had previously closed at $164.86.

Analyst Upgrades and Downgrades

Several analysts recently commented on SITM shares. Needham & Company LLC reiterated a “buy” rating and issued a $130.00 price target on shares of SiTime in a research report on Tuesday, June 25th. Barclays downgraded shares of SiTime from an “equal weight” rating to an “underweight” rating and set a $90.00 price objective for the company. in a research report on Tuesday, August 27th. Finally, Stifel Nicolaus upped their price objective on shares of SiTime from $150.00 to $175.00 and gave the stock a “buy” rating in a research report on Thursday, July 18th.

SiTime Stock Performance

The stock’s 50 day moving average price is $140.67 and its two-hundred day moving average price is $120.19.

SiTime (NASDAQ:SITM) last issued its quarterly earnings data on Wednesday, August 7th. The company reported $0.12 EPS for the quarter, beating analysts’ consensus estimates of $0.04 by $0.08. The firm had revenue of $43.90 million for the quarter, compared to analysts’ expectations of $41.01 million. SiTime had a negative net margin of 60.46% and a negative return on equity of 10.53%. The firm’s revenue was up 58.5% on a year-over-year basis. During the same period in the prior year, the company earned ($1.17) EPS. Research analysts predict that SiTime Co. will post -3.03 earnings per share for the current year.

Insider Activity at SiTime

In related news, insider Piyush B. Sevalia sold 807 shares of the stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $160.00, for a total value of $129,120.00. Following the sale, the insider now directly owns 87,534 shares of the company’s stock, valued at approximately $14,005,440. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other SiTime news, insider Piyush B. Sevalia sold 807 shares of the firm’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $160.00, for a total transaction of $129,120.00. Following the sale, the insider now directly owns 87,534 shares of the company’s stock, valued at approximately $14,005,440. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Rajesh Vashist sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $170.07, for a total transaction of $3,401,400.00. Following the completion of the transaction, the chief executive officer now owns 424,417 shares in the company, valued at approximately $72,180,599.19. The disclosure for this sale can be found here. In the last three months, insiders have sold 45,905 shares of company stock valued at $7,035,124. Insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the business. Algert Global LLC purchased a new stake in shares of SiTime during the second quarter valued at approximately $2,380,000. Driehaus Capital Management LLC purchased a new stake in shares of SiTime during the second quarter valued at approximately $16,831,000. The Manufacturers Life Insurance Company raised its stake in shares of SiTime by 9.7% during the second quarter. The Manufacturers Life Insurance Company now owns 10,200 shares of the company’s stock valued at $1,269,000 after purchasing an additional 898 shares during the period. Deerfield Management Company L.P. Series C purchased a new stake in shares of SiTime during the second quarter valued at approximately $819,000. Finally, Marshall Wace LLP raised its stake in shares of SiTime by 381.4% during the second quarter. Marshall Wace LLP now owns 60,650 shares of the company’s stock valued at $7,544,000 after purchasing an additional 48,051 shares during the period. Hedge funds and other institutional investors own 84.31% of the company’s stock.

About SiTime

SiTime Corporation designs, develops, and sells silicon timing systems solutions in Taiwan, Hong Kong, the United States, Singapore, and internationally. The company provides resonators and clock integrated circuits, and various types of oscillators. It serves various markets, including communications, datacenter, enterprise, automotive, industrial, internet of things, mobile, consumer, and aerospace and defense.